The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, FNCS, has emphasized the potential for digital transformation to significantly impact Nigeria’s economy during the TechMyBiz Pitch-A-Thon event held at the Digital Transformation Center Nigeria (DTC Nigeria).
Inuwa stated that if MSMEs (Micro, Small, and Medium Enterprises) embrace digitization, they could experience a 26 percent increase in revenue and a 22 percent reduction in operating costs, resulting in a substantial contribution of $53 billion to Nigeria’s economy.
The TechMyBiz Pitch-a-thon event showcased digital innovations in Africa, with 50 selected participants vying for recognition, out of which 30 winners will be chosen.
Inuwa highlighted that digitization plays a pivotal role in enhancing operational excellence, business efficiency, productivity, revenue growth, and cost savings.
However, he also addressed challenges that must be overcome to fully realize the potential of digital transformation in MSMEs.
Inuwa stressed the need for innovation-friendly conditions, supportive organizations and platforms to assist MSMEs in digitization, robust digital infrastructure, and improved digital skills and literacy among the population.
Citing statistics from the DG of SMEDAN, Inuwa emphasized that MSMEs account for 96 percent of businesses, 83 percent of the workforce, and 43 percent of Nigeria’s GDP. By leveraging digital technology, these enterprises can experience exponential growth and transformative outcomes.
In conclusion, Inuwa highlighted the importance of digital sovereignty and emphasized the implementation of the National Digital Economy Policy and Strategy (NDEPS) by NITDA to address these challenges.
He also expressed optimism about the Start-up Act and its potential to create a favorable policy environment, enabling infrastructure, innovation clusters, and more.
The event was attended by representatives from the European Union (EU), ISN Board, and various industry experts, including Mr. Markus Wauschkuhn, Coordinator Commission Social Policy, Education, Employment, Research, and Culture (SEDEC), and Technical Lead Evaluation Expert Charles Emembolu.
The collaborative engagement sets Nigeria on a path to accelerate digitization by fostering the required environment, infrastructure, and skills.
